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<span id="c06270exv12w2.htm"></span><html lang="en-US"> <HEAD> <title>Form 10-Q filed by on 2010-10-28</title> </HEAD> <BODY bgcolor="#FFFFFF"> <!-- PAGEBREAK --> <DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in"> <DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit 12.2</B> </DIV> <DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ARIZONA PUBLIC SERVICE COMPANY<BR> COMPUTATION OF EARNINGS TO FIXED CHARGES<BR> (dollars in thousands)</B> </DIV> <DIV align="center"> <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <!-- Begin Table Head --><TR valign="bottom"> <TD width="28%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> <TD width="3%"> </TD> <TD width="1%"> </TD> <TD width="7%"> </TD> <TD width="1%"> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2">Nine Months</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18"> </TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2">Ended</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18"> </TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">September 30,</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Twelve Months Ended December 31,</TD> <TD> </TD> </TR> <TR style="font-size: 10pt" valign="bottom"> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD> <TD> </TD> <TD> </TD> <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD> <TD> </TD> </TR> <!-- End Table Head --> <!-- Begin Table Body --> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Income from continuing operations attributable to common shareholder</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">327,852</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">251,225</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">262,344</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">283,940</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">269,730</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">170,479</TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff; padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">173,320</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">152,574</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">107,261</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">151,157</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">138,927</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">98,010</TD> <TD> </TD> </TR> <TR valign="bottom" style="padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">174,247</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">227,274</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">206,896</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">195,144</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">184,059</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">171,126</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff"> <TD><DIV style="margin-left:45px; text-indent:-15px">Total earnings</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">675,419</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">631,073</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">576,501</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">630,241</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">592,716</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">439,615</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="padding-top: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges:</DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff; padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Interest charges</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">167,652</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">218,969</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">197,964</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">186,702</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">176,459</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">164,626</TD> <TD> </TD> </TR> <TR valign="bottom" style="padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of debt discount</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">3,376</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,675</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,702</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,639</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,363</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,085</TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff; padding-top: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated interest portion of annual rents</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">3,219</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3,630</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">4,230</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3,803</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3,237</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2,415</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"> <TD><DIV style="margin-left:45px; text-indent:-15px">Total fixed charges</DIV></TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">174,247</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">227,274</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">206,896</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">195,144</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">184,059</TD> <TD> </TD> <TD> </TD> <TD align="left">$</TD> <TD align="right">171,126</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <TR valign="bottom"><!-- Blank Space --> <TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD> </TD> </TR> <TR valign="bottom" style="background: #cceeff; padding-top: 1px"> <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of Earnings to Fixed Charges (rounded down)</DIV></TD> <TD> </TD> <TD> </TD> <TD align="right">3.87</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.77</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.78</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3.22</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">3.22</TD> <TD> </TD> <TD> </TD> <TD> </TD> <TD align="right">2.56</TD> <TD> </TD> </TR> <TR style="font-size: 1px"> <TD><DIV style="margin-left:30px; text-indent:-15px"> </DIV></TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> <TD> </TD> <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000"> </TD> <TD> </TD> </TR> <!-- End Table Body --></TABLE> </DIV> <P align="center" style="font-size: 10pt"> <P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV> </BODY> </HTML>